50
th
ANNUAL REPORT 2015-2016 THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
68
Gold Monetization Scheme:
The Hon’ble Prime Minister of India, Shri Narendra Modi had
launched three gold related schemes on 5th November, 2015
in New Delhi. The schemes are – Gold Monetization Scheme,
Sovereign Gold Bond Scheme and India Gold Coins.
•
Gold Monetisation Scheme:
Allows depositors of gold
to earn interest on their metal accounts, and jewellers to
obtain loans on their metal account
•
Sovereign Gold Bond:
It carries a fixed rate of interest,
and also be redeemable in cash in terms of the face
value of the gold.
•
An official Indian Gold Coin:
With Ashok Chakra design
on one side and Mahatma Gandhi on other side.
Highlights of Gold Monetization Scheme are as follows:
•
Minimum 30 grams of deposit
•
46 CPTC’s allowed to collect gold
•
The designated banks will accept gold deposits under
the Short Term (1-3 years) Bank Deposit as well as
Medium (5-7 years) and Long (12-15 years) Term
Government Deposit Schemes
•
The rate of interest on such deposit will be decided
by Central Government and notified by Reserve Bank
of India from time to time. The current rate of interest
as notified by the Central Government are as under: (i)
On medium term deposit – 2.25% p.a. (ii) On long term
deposit – 2.50% p.a. (iii) On short term deposit – Banks
can decide
•
Earnings are exempt from capital gains tax, wealth tax
and income tax. There will be no capital gains tax on the
appreciation in the value of gold deposited, or on the
interest you make from it.
Highlights of Sovereign Gold Bonds
•
Minimum investment 1gm
•
2.75% Interest
•
No Capital Gain tax for entire tenure of 8 yrs
•
Distributed through scheduled commercial banks
(excluding RRBs), SHCIL offices, designated Post
Offices, National Stock Exchange of India Ltd. and
Bombay Stock Exchange Ltd. either directly or through
their agents
Foreign Trade Policy
Smt. Nirmala Sitharaman, Hon’ble Minister of State (I/C) for
Commerce & Industry had announced and released the
new Foreign Trade Policy (2015-2020) on 1st April, 2015 at
Vigyan Bhavan, New Delhi.
The following measures had been announced for gem &
jewellery sector:
•
Quoted in the Foreign Trade Policy Statement 2015
“Special Notified Zones for consignment import and
export of rough diamonds which will have in place, the
regulatory framework and taxation regime necessary
to encourage international mining companies to sell
their rough diamonds directly in India, have also been
proposed. This will give the Indian diamond industry
a strong competitive advantage over other diamond
trading centres of the world and will also ensure a steady
supply of rough diamonds in India.
•
GJEPC has been made the Nodal Authority for
scrutinizing the applications for enlistment of laboratories
for export of cut and polished diamonds for certification/
grading and re-import.
•
Inclusion of Indian Diamond Institute, Surat and
International Institute of Diamond Grading & Research
India Pvt Ltd , Surat under the list of agencies allowed to
import diamonds for certification /grading of diamonds
without any import duty and re-export of the same
•
Maximum wastage or manufacturing loss on gold/silver/
platinum jewellery and articles thereof is as follows:
Items of Export
Percentage of wastage
by weight with reference
to Gold/ Platinum / Silver
content in export item
Gold/Platinum Silver
Plain jewellery, articles, and
ornaments like Mangalsutra
containing gold and black
beads /imitation stones,
cubic zirconia diamonds,
precious, semi-precious
stones
2.5%
3.2%
Studded jewellery and
articles thereof
5%
5%
Mountings and findings
manufactured ( by non-
mechanized process)
indigenously
2.5%
3.2%
Any jewellery /articles
manufactured by a fully
mechanised process and
unstudded
0.9%
0.9%
New Polices and Initiatives
A crucial area of activity of the Council has also been its role as a key link between the trade and the government,
aiding better interaction and understanding between the two. Through close interaction with the trade, the
Council takes up relevant issues with various government and other agencies connected with the exports and
submits suggestions for consideration and inclusion in the Exim Policy from time to time. Below is a rundown
on schemes and polices pertaining to the Gem and Jewellery industry.
FACILITATING EASE OF DOING BUSINESS
